Neuropharmacology Market Analysis and Reports | Scotland Conference Series

Market Analysis - Neuropharmacology 2024

The global neuroscience market, with an estimated value of USD 42.5 billion in 2022, is poised for substantial growth, projected to achieve a 5.56% compound annual growth rate (CAGR) from 2023 to 2030. This growth can be attributed to the increasing prevalence of neurological disorders such as Alzheimer's disease, brain cancer, epilepsy, and traumatic brain injuries. According to the Alzheimer's Association, approximately 6 million Americans currently grapple with Alzheimer's, a number expected to surge to 13 million by 2050. Additionally, the advancement of the neuroscience field is being propelled by the rapid development of cutting-edge technological capabilities, with research and development progress accelerating significantly in recent years.

The neuroscience market is experiencing significant growth driven by various factors and initiatives. The U.S. has launched the Brain Research through Advancing Innovative Neurotechnologies (BRAIN) program, aimed at advancing research and development of innovative methods to enhance our understanding of the brain. This initiative is expected to lead to novel solutions for diagnosing and treating neurological disorders.

Healthcare digitalization is playing a crucial role in managing neurological disorders, which is expected to drive the adoption of advanced neuroscience devices. For instance, in May 2023, Australian researchers developed a groundbreaking human-brain-computer interface system that allows remote control of external digital devices using the patient's thoughts, offering hope to severely paralyzed patients.

These technological innovations are opening new avenues in the neuroscience field. Furthermore, there is a growing global awareness of neurological disease diagnosis and treatment options, which is anticipated to contribute positively to market growth. Initiatives like "Neuroscience Is" by the American Academy of Neurology are raising public awareness about neurological disorders and highlighting the significance of neuroscience research in treating neurological patients and addressing brain-associated diseases.

However, it's important to note that the COVID-19 pandemic had a significant impact on the neuroscience market. Many companies involved in manufacturing neurological devices experienced a decline in sales revenue during the pandemic. This decline was primarily due to reduced neurosurgery procedures, although there was some offset by strength in the neurovascularsector.
 

Component Insights

In terms of components, the market is categorized into instruments, consumables, and software & services. The instrument segment held the largest market share, accounting for 64.71% in 2022. This dominance is attributed to the introduction of innovative instrument devices designed for the diagnosis and treatment of neurological disorders. For instance, in May 2023, Koninklijke Philips N.V. unveiled the Philips CT 3500, an AI-powered CT system that excels in routine radiology and high-volume screening programs. This cutting-edge device provides radiologists with high-quality images, facilitating precise diagnoses.

Furthermore, the consumables segment is poised for substantial growth in the forecast period. Leading players such as B. Braun SE and GE HealthCare offer a range of sturdy, user-friendly consumables for neurological instruments. These consumables encompass ScalpFix Clips, Flat Table Tops, patient monitors, injectors, head holder inserts, cradle pads, and various other essential components. The continuous development and introduction of new consumables also contribute significantly to the growth of this segment.

Technology Insights

The neuroscience industry is classified by technology into various segments, including brain imaging, neuro-microscopy, stereotaxic surgeries, neuro-proteomic analysis, neuro-cellular manipulation, and others. Notably, the brain imaging sector led the market with a substantial 25.19% share in 2022. This prominence is largely attributed to the increased utilization of brain imaging technologies like MRI, EEG, and CT scans across hospitals, diagnostic centers, and ambulatory surgical centers (ASCs) for diagnosing neurological conditions. According to a 2022 report by NHS England and NHS Improvement, around 67,215 individuals were referred for brain MRI scans by physicians in March 2022 for cancer diagnosis, underlining the growing reliance on brain imaging techniques.

Consequently, the escalating adoption of brain imaging is expected to drive the demand for imaging devices in the forthcoming years. Meanwhile, the neuro-microscopy sector is poised for significant growth in the forecast period, fueled by advancements in neuro-microscopy technology. In a notable breakthrough, Deblina Sarkar, a nanotechnologist and assistant professor at MIT, unveiled ultra-tiny electronic microscopic miniature machines in May 2023. These devices have the capability to enter the brain, detect neurological disorders, and even reverse them. Additionally, the presence of prominent industry players such as Danaher Corporation and Carl Zeiss AG, along with their extensive neuro-microscopy offerings, is anticipated to further boost the growth of this segment in the forecast period.

End-user Insights

The market is categorized by end-users into hospitals, diagnostic laboratories, and research & academic institutes. In 2022, the diagnostic laboratories segment led with a substantial 42.04% revenue share. This was driven by the extensive utilization of neurological devices in diagnostic labs and an increased awareness among the population regarding the benefits of early disease diagnosis. For instance, Parkinson's disease sees more than 90,000 annual diagnoses, prompting the use of neurological devices like CT scans, MRIs, EEGs, EMGs, and more in diagnostic settings.

The hospital segment is expected to exhibit the fastest growth during the forecast period. This growth is primarily attributed to the rising hospitalization of patients with neurological conditions. According to the National Center for Biotechnology Information (NCBI), 22.6 million people suffer from neurological injuries or disorders each year, with 13.8 million requiring surgical treatment. Consequently, the increasing number of neurological hospital admissions is boosting the demand for surgical devices, thus fueling the growth of this segment. Overall, the introduction of safe and effective neurological devices is anticipated to drive the industry's expansion.

Regional Insights

North America claimed the largest market share at 31.42% in 2022, primarily due to the robust presence of companies engaged in the development, manufacturing, and commercialization of neurological diagnostic and treatment devices in the region. For example, in February 2022, CERENOVUS introduced the EMBOGUARD, an advanced balloon guide catheter used in endovascular procedures, particularly for patients with acute ischemic stroke.

Meanwhile, the Asia Pacific region is poised to experience the most rapid growth during the forecast period. This growth can be attributed to substantial investments in healthcare logistics infrastructure and significant healthcare expenditures, both contributing to the expansion of the neuroscience industry. In September 2022, the Government of China launched the "China Brain Project (CBP)" with an initial investment of USD 746 million, focusing on various aspects, including the neural basis of cognitive functions, brain-inspired computing, and the diagnosis and treatment of brain disorders. Public initiatives like CBP are expected to stimulate neuroscience research and development, thereby propelling market growth.

Key Companies & Market Share Insights

Companies in the market employ various strategies to establish a competitive advantage. These strategies encompass forming strategic partnerships, making significant investments in research and development (R&D), and introducing new products or enhancing existing ones.

In a noteworthy development from May 2023, the U.S. Food and Drug Administration (FDA) cleared Neurophet AQUA, an artificial intelligence (AI) software designed to enhance the assessment of brain atrophy through MRI. This advancement is poised to empower physicians in tailoring precise treatment regimens for patients and elevating the standard of brain monitoring.

Key players in the global neuroscience market include:

  1. Carl Zeiss AG
  2. Danaher Corporation
  3. GE Healthcare
  4. Siemens Healthcare Private Limited
  5. Koninklijke Philips N.V.
  6. Canon Inc.
  7. B. Braun SE
  8. Medtronic
  9. Stryker
  10. Boston Scientific Corporation
  11. ABBOTT
  12. Terumo Corporation

These prominent companies are actively engaged in advancing the field through innovation and collaboration, further propelling the growth of the neuroscience market.

Global Neuroscience Market Report Segmentation

The Global Neuroscience Market Report offers revenue growth projections at the global, regional, and country levels, accompanied by an analysis of the most recent trends within each sub-segment spanning from 2018 to 2030. In conducting this study, Grand View Research has structured the neuroscience market report according to categories including component, technology, end-user, and geographical region.

Component Breakdown (Revenue, USD Million, 2018 - 2030)

  1. Instruments
  2. Consumables
  3. Software & Services

Technological Spectrum (Revenue, USD Million, 2018 - 2030)

  1. Brain Imaging
  2. Neuro-Microscopy
  3. Stereotaxic Surgeries
  4. Neuro-Proteomic Analysis
  5. Neuro-Cellular Manipulation
  6. Other Technologies

End-user Classification (Revenue, USD Million, 2018 - 2030)

  1. Hospitals
  2. Diagnostic Laboratories
  3. Research and Academic Institutes

Geographical Landscape (Revenue, USD Million, 2018 - 2030)

  1. North America
    • U.S.
    • Canada
  2. Europe
  3. UK
  4. Germany
  5. France
  6. Italy
  7. Spain
  8. Denmark
  9. Sweden
  10. Norway
  11. Japan
  12. China
  13. India
  14. Australia
  15. South Korea
  16. Thailand
  17. Brazil
  18. Mexico
  19. Argentina
  20. South Africa
  21. Saudi Arabia
  22. UAE
  23. Kuwait
  24. Asia Pacific
  25. Latin America
  26. Middle East & Africa

The esteemed organization, Conference Series, renowned worldwide for organizing international events and being a prominent open-access publisher in the field, is excited to unveil the upcoming 6th International Conference on Clinical Immunology, Neuropharmacology, and Drug Development. This prestigious event is scheduled to occur in Edinburgh, Scotland, on July 01-02, 2024. The central theme and primary focus of this conference center around the concept of "Bridging Pathways for Innovative Drug Development."

The conference on the global stage is dedicated to creating a remarkable platform for educators, emerging researchers, and knowledge seekers to come together. It will serve as a stage to present and deliberate upon the most recent advancements, as well as explore the opportunities and challenges that lie within the domains of Immunology, Neuropharmacology, and Drug Development.

This international gathering promises to be a significant event where experts and enthusiasts from various corners of the world will convene to share insights, exchange ideas, and foster collaboration. It aims to contribute to the progress and excellence in these critical fields that play a pivotal role in advancing healthcare, pharmaceuticals, and our understanding of the human body.

Mark your calendars and prepare for an enriching experience as we look forward to your participation in the 6th International Conference on Clinical Immunology, Neuropharmacology, and Drug Development in the beautiful city of Edinburgh, Scotland, on July 01-02, 2024. Together, let's explore new horizons in the quest for innovative drug development and healthcare breakthroughs.